Wednesday, February 26, 2025 / by Tov Charm
As we step into 2025, the Palm Beach County real estate market is continuing to evolve. With inventory levels rising and market conditions shifting, buyers and sellers need to understand the latest trends to make informed decisions. Here’s a breakdown of the January 2025 housing market for single-family homes and townhomes/condos.
Single-Family Homes: Steady Growth with Rising Inventory
Key Statistics
Closed Sales: 850 (+4.8% YoY)
Median Sale Price: $650,000 (+5.7% YoY)
Original List Price Received: 93.6% (-0.8% YoY)
Median Days to Contract: 42 days (+10.5% YoY)
Inventory (Active Listings): 6,136 (+25.2% YoY)
Months Supply of Inventory: 5.5 months (+31.0% YoY)
Market Interpretation
The single-family home market remains strong, with steady price growth and more inventory hitting the market. A 5.7% increase in median sale price indicates that demand is holding, but a 31% jump in supply means buyers have more choices than before.
Key Takeaways for Buyers & Sellers:B ...
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Friday, February 7, 2025 / by Tov Charm
The Florida housing market is experiencing a notable shift as the inventory of available homes increases. This change is influencing the dynamics between buyers and sellers, leading to evolving opportunities and challenges for both parties.
Current Inventory Trends in Florida
As of December 2024, Florida's housing market has seen a significant rise in available properties. The number of homes for sale increased by 22.6% year-over-year, totaling 196,605 active listings.
redfin.com
This upward trend in inventory is attributed to various factors, including homeowners opting to sell due to rising housing costs and an influx of new listings entering the market.
newsweek.com
Implications for Buyers
Increased Options: With more properties available, buyers have a broader selection to choose from, reducing the pressure to make quick decisions.
Potential for Negotiation: The growing inventory may lead to less competition among buyers, providing more room for price negotiations ands ...
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Monday, January 27, 2025 / by Tov Charm
The December 2024 real estate market in Palm Beach County revealed significant trends across single-family homes and townhomes/condos. Here’s a comprehensive analysis of the data, highlighting key changes and their implications for buyers and sellers.
Single-Family Homes
Key Statistics:
Closed Sales: 1,032 (up 6.5% YoY)
Median Sale Price: $622,500 (up 7.3% YoY)
Average Sale Price: $1,066,261 (up 14.6% YoY)
Dollar Volume: $1.1 billion (up 22.1% YoY)
Median Time to Contract: 41 days (up 41.4% YoY)
Months Supply of Inventory: 5.1 months (up 27.5% YoY)
Analysis:
The single-family home market remains competitive, with a notable increase in both median and average sale prices. The rise in inventory (+27.5%) provides more options for buyers, but the extended median time to contract suggests buyers may have more negotiation power compared to last year. However, with closed sales up 6.5%, demand remains robust.
Townhomes and Condos
Key Statistics:
Closed Sales: 654 (down 18s ...
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Monday, December 2, 2024 / by Tov Charm
Delray Beach, known as the "Village by the Sea," offers a unique blend of coastal charm, vibrant culture, and diverse neighborhoods. Whether you're looking for waterfront luxury, family-friendly communities, or an urban vibe, Delray Beach has a neighborhood to match your lifestyle. Here’s a guide to some of the most sought-after areas to help you find your perfect fit.
1. Tropic Isles: Waterfront Elegance
If you dream of waterfront living with easy access to the Intracoastal Waterway, Tropic Isles is the place to be. This upscale neighborhood features beautiful homes, many with private docks for boating enthusiasts.
Highlights: Luxury properties, deep-water access, and proximity to the beach.
Perfect for: Boaters, water lovers, and those seeking high-end coastal living.
2. Lake Ida: Family-Friendly Charm
Lake Ida is a picturesque community with tree-lined streets, spacious homes, and a strong sense of community. Known for its parks and recreational opportunities, it's ...
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Monday, September 30, 2024 / by Tov Charm
Owning a home means taking on more expenses than just your monthly mortgage payment. To truly understand the cost of homeownership, it’s important to account for expenses such as property taxes, insurance, maintenance, and utilities. Here’s a breakdown of these hidden costs, with specific insights for homes in Delray Beach, Florida.
1. Property Taxes
In Florida, property taxes generally range from 1.75% to 2% of a home’s assessed value. For a home valued at $500,000 in Delray Beach, you can expect to pay around $8,750 to $10,000 annually. Florida homeowners who qualify for the Homestead Exemption can reduce their taxable value by up to $50,000, and the Save Our Homes cap limits tax increases to 3% per year.
Budgeting Tip: Check your property tax estimate through the Palm Beach County Property Appraiser’s Office to get a clear understanding of what your taxes will be, factoring in any applicable exemptions.
2. Homeowners Insurance
Homeowners insurance ...
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